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An important application of breakdown is often developed in an amortization schedule. Interest is largest interest involves amortized loans. So ation schedule. Interest is largest
An important application of
breakdown is often developed in an amortization schedule. Interest is
largest
interest involves amortized loans. So ation schedule. Interest is largest
in the first period and
declines
over the life of the loan, while the principal repayment is
smallest
in the first period and it
thereafter.
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Correct
annual return.
a What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent.
$
b How much of your first payment will be applied to interest and to principal repayment? Do not round intermediate calculations. Round your answers to the nearest cent.
Interest: $
Principal repayment: $
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